Today, DCE iron ore futures were in the doldrums, with the most-traded contract I2509 closing at 728, down 0.95% for the day. Traders sold their goods in line with market conditions. As the weekend approached, steel mills reduced their inquiries and showed weaker willingness to restock. The market transaction atmosphere was sluggish. The mainstream transaction prices of PB fines in Shandong were around 765-770 yuan/mt, down 5 yuan/mt from yesterday's prices. The transaction prices of PB fines in Tangshan were around 780-785 yuan/mt, down 5 yuan/mt from yesterday's prices.
As of May 16, SMM data showed that the total inventory at 35 ports was 139.4 million mt, a decrease of 260,000 mt WoW. The daily average port pick-up volume of imported ore was 3.095 million mt, an increase of 76,000 mt WoW. Currently, pig iron production remains at a high level, and the overall demand for iron ore supports ore prices. However, the implementation of the crude steel production reduction policy has been delayed, limiting the upside potential of ore prices. It is expected that ore prices will continue to hold up well next week, but the upside potential will be limited.
》Subscribe to view SMM metal spot historical prices
